Bitcoin (BTC) – A Move back Through to $48,500 Would Support a Return to $50,000

This is the tech analysis for Bitcoin (BTC). We will be looking at movements from the day prior and today’s support, resistance, pivot levels, and Fibonacci’s. Additionally, we will look at the broader market moves on the day prior and any key market drivers.

Bitcoin’s Day Prior Moves

Bitcoin, BTC to USD, slid by 6.72% on Monday. Reversing a 1.41% rise from Sunday, Bitcoin ended the day at $46,749.

A mixed start to the day saw Bitcoin rise to an early morning intraday high $50,234 before hitting reverse. Falling short of the first major resistance level at $51,052, Bitcoin slid to a late intraday low $45,788.

The extended sell-off saw Bitcoin fall through the first major support level at $48,942 and the second major support level at $47,761. Steering clear of the third major support level at $45,651, however, Bitcoin moved revisited $47,000 levels before easing back.

The near-term bullish trend remained intact, in spite of the latest pullback to $41,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish session.

Chainlink slumped by 12.97% to lead the way down, with Binance Coin (-8.72%), Cardano’s ADA (-9.13%), Crypto.com Coin (-8.81%), Ethereum (-8.45%), and Litecoin (-9.07%) also deep in the red.

Bitcoin Cash SV (-6.45%), Polkadot (-5.81%), and Ripple’s XRP (-6.92%) saw relatively modest losses, however.

Early in the week, the crypto total market rose to a Monday high $2,284bn before falling to a Monday low $2,061bn. At the time of writing, the total market cap stood at $2,099bn.

Bitcoin’s dominance fell to a Monday low 41.52% before rising to a Monday high 42.06%. At the time of writing, Bitcoin’s dominance stood at 41.86%.

This Morning

At the time of writing, Bitcoin was down by 0.66% to $46,438. A mixed start to the day saw Bitcoin rise to an early morning high $46,839 before falling to a low $46,438.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a bearish start to the day.

At the time of writing, Crypto.com Coin was down by 2.43% to lead the way down.

For the Bitcoin Day Ahead

Bitcoin would need to move through the $47,590 pivot to bring the first major resistance level at $49,393 into play. Support from the broader market would be needed, however, for Bitcoin to breakout from $48,500 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $50,000 would likely cap the upside. In the event of an extended rally, Bitcoin could test the 23.6% FIB $53,628 before any pullback. The second major resistance level sits at $52,036.

Failure to move through the $47,590 pivot would bring the first major support level at $44,947 and the 38.2% FIB of $44,144 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of the second major support level at $43,144.

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